YES BANK’s banking innovations – ‘API Banking’ and ‘Bank in a Box’ receive FINNOVITI Award 2016

YES BANK, India’s fifth largest private sector Bank, was awarded the prestigious FINNOVITI Award 2016 at an award ceremony held in Mumbai. FINNOVITI is hosted by Banking Frontiers; a leading magazine focused on banking technology, to recognize and reward innovations in the BFSI sector and honour the innovators.

YES BANK won the award for two of its pioneering innovations:

API Banking – YES BANK is the first to launch an API Banking platform in India. For business process as ubiquitous as the funds transfer process between two different entities and across multiple systems, API provides a secure layer to provide reliable access to banking systems and business processes. YES BANK has successfully implemented API Banking solution across leading ecommerce, logistics, brokerage and other BFSI platforms. Know more about API – https://www.yesbank.in/branch-banking/api-banking.html)

BANK IN A BOX – YES BANK is the first private sector bank to launch the unique service named ‘BANK IN A BOX’ by deploying Bunch Note Acceptors/Recyclers across corporate clients in sectors like Retail stores, Hospitals, Gold showrooms, Co-operative Banks, Logistics, Airlines etc. Presently YES BANK has 255 live note acceptors/recyclers installed across the country and plans to implement around 1000 boxes in a year’s time. This innovation has automated the cash handling process in the mentioned sectors that previously relied on traditional way of managing cash and used to follow the door step banking method to manage cash.

YES BANK was one of the select companies to have been awarded by Banking Frontiers from over 150 nominations from 75 organizations across the BFSI Sector. The jury committee for the award comprised of top CEOs and Financial experts in the BFSI category, and the process was conducted by the knowledge partner Deloitte India. The award was handed over to the YES BANK team by Dr. Narendra Jadhav, a noted Indian bureaucrat, economist, social scientist, writer and educationist.

Speaking about the award, Mr. Asit Oberoi, Group President and Global Head, Transaction Banking Group, YES BANK, said, “We are extremely proud to receive this prestigious recognition. YES BANK based on its emphasis on Knowledge Banking and backed by the pillars of Technology and Innovation has launched API Banking platform in India to provide reliable access to banking systems and business processes. We are also the first private sector bank to launch the unique service of ‘BANK IN A BOX’, transforming the cash handling methods in key sectors. I am certain that these banking innovations championed by YES BANK will revolutionize payments and banking processes in BFSI thereby offering a delightful experience to our valuable customers.”

About YES BANK

YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.

YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.